- ATW Tech (ATW) is looking to raise C$1.5 million to facilitate its acquisition of Semeon Analytics, a Quebec-based artificial intelligence company
- Under the terms of the placement, ATW will issue 30 million common shares at a price of $0.05 each
- The proceeds will then be used to support the purchase of Semeon and the commercialisation of products
- Under the terms of the deal, ATW will issue a total of 57.6 million common shares to the vendors of Semeon, worth $2.88 million
- ATW Tech (ATW) is currently down 15.38 per cent to 5.5 cents per share
ATW Tech (ATW) is looking to raise C$1.5 million to facilitate its acquisition of Semeon Analytics, a Quebec-based artificial intelligence company.
Under the terms of the placement, which is expected to close on October 23, 2020, ATW will issue a total of 30 million common shares at a price of $0.05 each.
The Montreal-based company intends to use the proceeds to support its acquisition of Semeon, as well as integrate it with its own operations, and progress the development and commercialisation of the two companies’ products.
Michel Guay, President and CEO of ATW Tech, said the financing is a sign of the company’s growth potential.
“In addition, one of the major impacts of the acquisition of Semeon is that it will allow us to support our strategic plan that puts data processing at the core of our business and is among many other notable achievements and exciting announcements to come in the coming months.
“In doing so, we are committed to remain focused on creating shareholder value,” he added.
Under the terms of the acquisition agreement, ATW Tech will issue a total of 57.6 million common shares to the vendors of Semeon, worth approximately $2.88 million.
Semeon was incorporated on May 1, 2020, with the primary aim of acquiring the intellectual property, employees and other assets of high-potential technology companies.
As of August 31, Semeon had a total of $889,217 in assets, along with $1,050,528 in liabilities which must be fully repaid before the acquisition can be completed.
ATW Tech (ATW) is currently down 15.38 per cent to 5.5 cents per share at 2:30pm EDT.
